Eight FinTechs already on their way to regulatory
Ready for the market, one has already received a concession
Vienna (APA-ots) – Since the founding of its “Regulatory Sandbox” on September 1st
In 2020, the Austrian Financial Market Authority (FMA) has eight FinTechs
included in it and thus offers them the opportunity to
innovative business models in a protected environment
to develop regulatory maturity. Five of these providers are striving
an approval as a Europe-wide crowdfunding service provider
according to the EU crowdfunding regulation ECSP[1] on. the others
three intend innovative financial services related to
To provide crypto assets and financial instruments in such a way that this a
License under the Securities Supervision Act 2018 or the
Banking Act required. In addition to newly founded startups
also already established and licensed providers the Regulatory
Sandbox to provide regulatory support for innovative business lines and models
to develop market maturity.
The first sandbox participant was already able to at the beginning of 2022
a securities concession to operate a digital
Trading Platform for Transferable Securities. On
Virtual currency service providers and a
Crowdfunding service providers already have registration or
license applications submitted. The other participants are located
still at the stage where they are in close coordination with the supervisor
work out the requirements for obtaining a license.
The prerequisite for inclusion in the sandbox is a positive one
Statement of the Regulatory Sandbox Advisory Board, the expert of
public administration, business, science and
belong to supervision. This has in the approval process
economic interest from macroeconomic and
location-political point of view, the innovative character as well as the
to check the test maturity of the business model.
More information about the sandbox can be found on the FMA website
among
[https://www.fma.gv.at/kontaktstelle-fintech-sandbox/fma-sandbox/]
(https://www.fma.gv.at/kontaktstelle-fintech-sandbox/fma-sandbox/).
* * *
[1] Regulation on European Crowdfunding Service Providers (ECSP):
Regulation (EU) 2020/1503 on European crowdfunding service providers
(ECSP-VO)
Query note:
Klaus Grubelnik (FMA media spokesman)
+43 (0)676 88 249 516 or +43 (0)1 249 59 – 6006
Digital press kit: http://www.ots.at/pressemappe/694/aom
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OTS0027 2023-01-02/10:51